Median price hits new high (but not everywhere)

From HousingWire:

Median home price climbs to all-time high

The median price of single-family homes in the U.S. has climbed to a record high, reaching $266,000 in the second quarter.

That’s up 10.8% from the previous quarter and up 6.4% from a year ago, according to the latest report from ATTOM Data Solutions.

Median home prices in 89% of the 149 metros analyzed in the report saw price appreciation gains in Q2, the report showed.

Those with the greatest increases were Atlantic City, New Jersey (up 16%); Boise City, Idaho (up 14%); Chattanooga, Tennessee (up 13.9%); Mobile, Alabama (up 11.2%); and Madison, Wisconsin (up 10.8%).

Moreover, 74% of the metros analyzed saw median home prices climb above their pre-recession peak.

“As warmer weather brings a rush of house hunters to the market, the latest spike in median home prices marked the largest quarterly increase since the second quarter of 2015 and the third biggest increase since the market started climbing out of the Great Recession in 2012,” said Todd Teta, ATTOM’s chief product officer.

But Teta said he expects prices to slow down in the second half of the year.

“In looking at historical trends, the second quarter of every year has always shown a quarterly increase, going as far back as 2005,” Teta noted. “So, with mortgage rates dipping to new lows, it’s no surprise that people were wanting to buy a home, even if prices were at their peak. We expect to see milder home prices in the coming quarters.”

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45 Responses to Median price hits new high (but not everywhere)

  1. The Great Pumpkin says:

    “Want to flee high-tax states like New York? Turns out it’s not so easy”

    https://apple.news/ADZLci4ORSNO4-OBKio51bQ

  2. Mächïne says:

    Search on homes for $266k in California and you will live Bakersfield.

  3. The Great Pumpkin says:

    Race politics…America just can’t let go of racism. In fact politicians from both sides are now using racism to get votes. Pathetic

  4. The Great Pumpkin says:

    Shows how out of touch we are. I thought my house was cheap, but if I bought a 300k home instead…I wouldn’t know what to do with my money. That’s a home that is above avg price nationally and it’s peanuts to most participants on this blog.

    Mächïne says:
    July 18, 2019 at 8:25 am
    Search on homes for $266k in California and you will live Bakersfield.

  5. The Great Pumpkin says:

    Be honest, does a 200k-300k home even cross your mind? Does your brain even account for it as a real thing when you consider a home purchase?

    For me, absolutely no. I don’t even consider it real, it is not an option in my life. Not because I don’t want to purchase at that price (would be like hitting a small lotto jackpot), but because it’s not available. Anything in that price range is not where I want to live…so it doesn’t exist to me.

  6. grim says:

    Oh shut the f kc up.

  7. The Great Pumpkin says:

    It’s the truth. Who on this blog actually thinks they are going to find a home in the 200k-300k price range. I don’t even expect to get an empty lot that cheap, never mind a home.

  8. 30 year realtor says:

    I bought my current home in 2015 for $275,000.

  9. Juice Box says:

    Pumps 230k in Wayne with a 3 car garage on a nice street with no traffic.

    How much will it go over the ASK in the forclosure next month?

    https://www.zillow.com/homedetails/5-Diaz-Ct-Wayne-NJ-07470/39794844_zpid/

  10. The Great Pumpkin says:

    Do you have kids? Was this an extremely good deal?

    30 year realtor says:
    July 18, 2019 at 9:42 am
    I bought my current home in 2015 for $275,000.

  11. The Great Pumpkin says:

    Juice,

    That thing is hideous. Garage is bigger than the house.

    That has tear down written all over it. No idea how much it would go for, but looks like it’s land based value only.

  12. 30 year realtor says:

    Juice Box, that house in Wayne does not have an asking price of $230,000. It is not even on the market. Foreclosure judgement is around $450,000. Owner has been trying to do a workout with lender since first sheriff sale was scheduled in 2017. Sale has been adjourned by plaintiff (lender) since that time.

  13. 30 year realtor says:

    Pumpkin, house on Diaz isn’t close to being a tear down. Not sure why you even think that.

    As for my home, I make a living buying homes below market value. Yes, I have children but they are long finished with their public school educations. I live in Hawthorne.

  14. PumpkinFace says:

    PumpkinFace says:
    July 1, 2019 at 9:46 am
    The Great Pumpkin says:
    June 26, 2019 at 10:13 pm
    I’ll stop posting….

  15. The Great Pumpkin says:

    I just assumed it was shot since it was starting at 260k. That’s why I didn’t make any assumptions on what it would sell for…knew nothing about it.

    30 year realtor says:
    July 18, 2019 at 10:21 am
    Pumpkin, house on Diaz isn’t close to being a tear down. Not sure why you even think that.

  16. 3b says:

    Thank you Grim!!

  17. Young Buck says:

    Murphy defends hiring Cory Booker’s brother — with a quote from a football coach

    Before Cary Booker was hired for a top state education job in New Jersey, he co-founded a Tennessee charter school that was described as a “clusterf—” and ordered to close in 2016 for poor performance.

    Gov. Phil Murphy doesn’t seem to mind.

    https://www.nj.com/politics/2019/07/murphy-defends-hiring-cory-bookers-brother-with-a-quote-from-a-football-coach.html

  18. Young Buck says:

    No it’s not…

    “For those who simply want to leave their home and move to a new one, the process is much simpler and less likely to be disputed or contested.”

    The point of the article is that it’s hard to fake it (change domicile only on paper).

    The Great Pumpkin says:
    July 18, 2019 at 8:17 am

    “Want to flee high-tax states like New York? Turns out it’s not so easy”

    https://apple.news/ADZLci4ORSNO4-OBKio51bQ

  19. The Great Pumpkin says:

    You don’t get it. The can’t just pick up and leave, that’s the point. That’s why they are trying to scam their way around it.

    Young Buck says:
    July 18, 2019 at 11:49 am
    No it’s not…

    “For those who simply want to leave their home and move to a new one, the process is much simpler and less likely to be disputed or contested.”

    The point of the article is that it’s hard to fake it (change domicile only on paper).

  20. The Great Pumpkin says:

    Facebook post by someone I know that moved out there a long time ago. He’s killing it out there. Ugly side of income inequality and capitalism.

    “For those who want a first hand account of life in SF – Today, in the 2.5 blocks from where my Uber dropped me off to my office I saw 12 people sleeping outside, 2 people shooting up needles, 2 people smoking a crack pipe, 4 (or more) people sleeping in their cars, garbage everywhere, and needless to say the area smelled of human waste. 2.5 blocks!!

    San Francisco has the second largest budget in the country and yet is only the 14th largest city. The situation has gotten worse every year I’ve lived here. It is inhumane, shameful, a public health crisis, and not the mark of a civilized society. It is also, shamefully, *not* unAmerican these days.

    I used to love it here and now I would never recommend anyone move to SF anymore. Not until our elected officials loudly and vociferously speak up and act on these appalling conditions – not just to appease my white privileged high tax-paying sensibilities but because IT IS THE RIGHT THING TO DO for the most marginalized in our community and the entire city.

    Short of keeping the city running, I genuinely believe *most* other city issues should take a back burner and this should be communicated to all stakeholders with a clear plan for the betterment of the city. And then hold officials accountable with data. And all *cute* resolutions that take so much time and are political stunts should be suspended. Re-elections be-damned. You don’t spend time and money on a fresh coat of paint and a fancy party when your ceiling is collapsing and your hot water heater and sewage are flooding your house.

    Forget NIMBY, it’s already here. Put a clean, maintained, secure shelter and space for critical services in *MY* backyard. There’s only just so much providing food and donations Oren Henry and I can do…

    CC: Rafael Mandelman”

  21. Pumpkin BeGone says:

    California’s present Governor Newson is probably the luckiest bast@rd. He was SF mayor when things started to go downhill fast, and he got out by the skin of his teeth.

    The office halls of the ruling powers that be must be something like this,
    https://youtu.be/EqiWKcEODBQ

    When it get this bad, there only one person to call.

    https://youtu.be/mXQuto1fMp4?t=175

  22. JCer says:

    Young Buck, Pumpkin, they should really change the article to you can very easily change domicile but don’t expect your state’s taxing authority to take it lightly. If you maintain any ties to your previous state they will harass you, audit you and investigate you in ways that the founders of country would find abhorrent. They will track your cell phone, your ez-pass, your credit card charges etc. and the 183 day test isn’t the whole of it. Easiest way around it is to not own any property in your old state. If you are working or have kids you want to leave in Jersey forget it. My sister has a few friends who have dumped Jersey after selling their businesses, they made many millions and are now practically retired or doing consulting work.

    FL is a top destination and from what she has heard they all pretty much were able to buy nicer homes for around half the cost of their Jersey homes and property taxes are way lower. Everyone acknowledges that they will likely need to sent their kids to private high school but elementary schools in some areas are actually pretty decent. These people are doing very well living costs down, income is good and they have good tax treatment, no state tax and most money taxed as capital gains. These people are mid-late 40’s with kids between 5-10.

  23. The Great Pumpkin says:

    Jcer,

    I have a problem with this. Our system is so f’ed up. These individuals obviously can afford to pay for the cost of society(they alone save half on a home purchase, god knows how many hundreds of thousands or millions). So why do these individuals get to skip the tax bill and force the other individuals to pay for their share? The country is in massive debt, yet these guys barely pay taxes when they could afford a lot more. Why do they get to skip the bill and put it on someone else? It’s total bs.

  24. The Great Pumpkin says:

    But that’s how the game is played…

    It’s funny how you and others claim the rich are overtaxed, while knowing damn well at how good they are at avoiding it.

  25. The Great Pumpkin says:

    It’s like this. Why doesn’t everyone move to the low cost states? The federal govt would never be able to support itself under this plan. Who’s going to pay the higher taxes when everyone lives in the low cost states and can’t pass it on to someone in a high tax state. Tax game in this country is a game of hot potato…the rich and everyone else passing the hot potato back and forth between the two groups hoping to not get stuck holding the potato when the music ends.

  26. A Home Buyer says:

    Troll,

    Go away. Stop posting. Seriously.


    Why doesn’t everyone move to the low cost states? The federal govt would never be able to support itself under this plan.

    I did not realize Federal Taxes were impacted by the state you lived in. Unless you mean SALT but that impact was recently reduced. You railed against those tax changes so should they be reinstated now so the rich can avoid more federal tax?

  27. grim says:

    Womanhole?

  28. PumpkinFace says:

    What are the odds that he’ll respond:

    A) admitting not only is what he said stupid, as per usual, but also incorrect factually. Akin to saying 2+2=5

    or

    B) justifying it somehow using tortured logic, changing the subject or something else

    A Home Buyer says:
    July 18, 2019 at 3:17 pm

  29. Mächïne says:

    4:44 non-binary orafice.

  30. The Great Pumpkin says:

    Buyer,

    Maybe I wasn’t being clear enough or you are looking at it too simply. When I get some time, I’ll try to explain it, or figure it out on your own starting here.

    “Taxes can be seen as the necessary evil of an advanced society. No one likes to pay them; but when the citizens of a country pool their resources, they can afford infrastructure and services few would be able to finance on their own.

    https://www.money-rates.com/research-center/federal-income-taxes-by-state.htm

  31. The Great Pumpkin says:

    “Theoretically, citizens in all 50 states are subject to the same federal tax laws, so the tax burden should be born fairly evenly by all; but, because each state takes a different approach to state-level taxes, the reality is that there are huge disparities in the size of the tax burden shouldered by people in different states.”

  32. Juice Box says:

    Thunder lightning and rain again here in beautiful Monmouth county. I have a 12 zone Rainbird sprinkler system, no need to use it with all this rain. I haven’t had to top off my pool much either only once in June. The grass is growing like crazy too, landscaper was here today early thankfully so they did not have to skip our neighborhood again do to rain.

  33. A Home Buyer says:

    Troll,

    That article, or at least the same concept, had been posted here several times and argued ad nauseum.

    Federal taxes collected are from individuals. The state has nothing to do with it other then a means of organizing regions of tax payers for analysis.

    The majority of federal tax dollars are paid out to individuals, irregardless of geographic location or state.

    State taxes have nothing to do with any of this. Your are grasping at straws.

    Go away.

  34. The Great Pumpkin says:

    This is in direct response to your last post and nothing to do with my original point. Stop spreading this republican talking piece of salt which is not true. This study shows why.

    My original point of how throwing the entire population under a low tax state code would bankrupt our govt is deeper than the simple suggestion you make.

    “Ten so-called donor states pay more in taxes to the federal government than they receive back in funding for things like Medicaid or education.
    Connecticut tops the list of donor states. Residents there receive just 74 cents back for every $1 they pay in federal taxes.
    Thanks to 2017’s federal tax overhaul, the number of donor states could grow. That’s because the amount residents owe in federal taxes will increase now that the state and local tax deduction is capped.”

    “Residents in Connecticut, Massachusetts, New Jersey and New York have some of the highest tax bills in the nation. They also pay thousands more in federal taxes than their state receives back in federal funding.”

    “The main reason for the imbalance, particularly in the top four states, is that those places are home to some of the highest household incomes in the country. Therefore, they pay more in federal taxes, which doesn’t necessarily equate to more federal money for services.

    Thanks to 2017’s federal tax overhaul, the number of donor states could grow. It’s too early to tell by just how much because the most recent data is from the year before the overhaul capped how much in state and local taxes filers could deduct from their federally declared income. But it’s expected that federal taxes for many high-earners — particularly from the top four states and from California — could jump, and the gap between what taxpayers in those states pay out and what they receive back from the feds could be even bigger.

    The study is likely to be used as a political counterpoint to most Republicans’ argument that the uncapped state and local tax deduction meant that low-tax states were subsidizing high-tax states.

    The analysis — which considered not only direct federal funding for programs but also money for grants, contracts and income earned by federal workers in each state — is the second study of this kind published by the institute. This year’s report saw some shifts compared with the 2015 one.”

    https://www.governing.com/week-in-finance/gov-taxpayers-10-states-give-more-feds-than-get-back.html

  35. The Great Pumpkin says:

    Our govt costs money to run, correct? So if all high earners suddenly went to a low cost state to reduce their tax burden, what is the result? Govt taking in significantly less revenue to run the ship. If every wealthy individual is paying significantly lower taxes, how are we going to pay for this all? It’s already underfunded as the debt goes up each and every year, and your answer to making America great again is to have rich people manipulate the tax code and flee their fair share of cost that was agreed upon? How exactly does America become great in the long term under the premise of RICH PEOPLE LEGALLY FLEEING THEIR CONTRIBUTION TO THE COST OF SOCIETY. Who the f’k is going to pay for it? The poor?

    And now you know why public schools and our infrastructure is in shambles…corporations and rich have been fleeing the investment for decades…piece of sh’ts.

  36. The Great Pumpkin says:

    How about looking at it like this.

    When someone avoids taxes by hiding money off shore, they are hurting us. First, they are not putting in their fair share on the cost based on their earnings. Next, they are totally screwing the economy by removing economic fuel (capital investment)from the system and hiding it. They are traitors and should be shot.

    Best part, these same individuals are the ones throwing stones at politicians. Look in the mirror, you are no different, both corrupt, and both doing it for personal gain. And both robbing the same damn working class.

  37. A Home Buyer says:

    Troll,

    You said the federal government would lose money if they moved to a low tax state. That is a complete and utter falsehood, no matter how you look at it. You are now arguing a different point without even addressing the old point and expecting I’m supposed to know whatever the hell topic or point you want to argue about now so you can attempt to save face.

    If your new point is that the individual states that lost those tax payers would lose that state tax money, congratulations on your Nobel discovery! your afriggin genius.

    What happens then? The people either pay more or reduce government services. It’s damn easy.

    What do you suggest… We shackle rich people to expensive states so you can get a discount on your sewer repair?

    Go away.

    Seriously Go away.

  38. The Great Pumpkin says:

    Those high tax states are economic powerhouses. They fall, the nation falls. There is no avoiding the cost of investment in those economies. So they can all move to a low cost state, it doesn’t change the cost dynamic. You simply ignore the cost. You think this can magically be taken away by magic fairy dust.

    The dense areas demand a lot of money. That’s what makes nj so expensive. Look at real estate, the more dense the area, the higher the cost. No wonder every single area within the nyc metro area all ended up with the same damn result. High cost and high tax. That’s across different states, counties, towns etc. All arrive at the same result. So go ahead and push everyone into a low cost state. It will come upon the same damn result.

    Understand Porsche economies demand higher costs to fuel and maintain…there’s no avoiding it due to performance. That’s what these people that make their money and leave do. They are like leeches. Pure takers on the system. Have enough of these and the system dies.

  39. A Home Buyer says:

    Troll,

    Great, so we’ve moved from the federal government losing tax money to the dooooom of the nation if New Jersey collects less taxes and doesn’t decrease it spending in response.

    You are a rambling waste of time.

    Go away.

  40. The Great Pumpkin says:

    For Christ’s sake, you are missing the point. The cost will come due. You can play this game of hot potato in tax avoidance, but the future cost will come due.

    I know I’m correct on this issue. I might not be able to put it into simple words that easily convey the message, but I understand it well..there is no avoiding the cost.

  41. PumpkinFace says:

    Looks like he went with option B

  42. The Great Pumpkin says:

    Though nj is dying. If so, when?

    “New Jersey’s unemployment rate for June has fallen to a record low of 3.5 percent.

    The state Labor and Workforce Development Department made the announcement Thursday. The agency says it’s the lowest monthly rate since record-keeping began in 1976.”

    “NJ private sector employers have added nearly 410,900 jobs since February 2010, the low point of the last recession.”
    https://www.nj.gov/labor/lwdhome/press/2019/20190718_juneemployment.shtml

  43. The Great Pumpkin says:

    Now imagine this economy if trump had not pushed salt on nj. Also, imagine if he gave federal funding for the new tunnels and other infrastructure. Giving business the signal that they can count on the future infrastructure in the area…we would be ballin!! Instead we focus on the wall or lowering taxes. Just invest in the got damn national economy. Right now nyc metro needs an injection for infrastructure. They pay more than their fair share for this country through taxes and economic output, time to give a helping hand on an expensive but needed infrastructure investment in nyc economy by the feds. It’s time to stop sucking and now giving so that you can continue to suck off this nyc economic tit.

  44. The Great Pumpkin says:

    Go jersey!!

    “The department says the state added 10,200 jobs in June, with most of the gains coming in the private sector. Among the largest sectors adding jobs were professional and business services, trade, transportation and utilities and manufacturing.”

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